Overview

Detailed Summary

Safari Industries is a manufacturer and marketer of luggage and luggage accessories, operating primarily in India.
The company has a long history, starting in 1974, with significant expansions of its manufacturing footprint over the years.
Recent investments have been made to scale up capacity for polypropylene and polycarbonate zippered hard luggage at their Halol plants.
Safari Industries has diversified its product line to include fast-selling items like laptop bags and backpacks.
A key strategic development was the commercial production commencement at its new Halol plant in 2022.

Sector: Consumer Durables
Industry: Plastic Products - Consumer
Market Cap: 8,033 Cr
Volatility: Low Risk
P/E Ratio: 47.6
Industry P/E: 47.9
PEG Ratio: 2.5
P/B Ratio: 7.7
52W High: 2,503.80
52W Low: 1,587.00

Sales CAGR

1Y: 14.26%
3Y: 35.91%
5Y: 21.03%
10Y: 22.54%

Profit CAGR

1Y: -18.78%
3Y: 72.23%
5Y: 30.96%
10Y: 35.17%

ROE

TTM: 15.90%
3Y: 20.14%
5Y: 16.00%
10Y: 15.16%

ROCE

TTM: 19.36%
3Y: 24.67%
5Y: 19.96%
10Y: 19.97%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Consumer Discretionary Consumer Durables Consumer Durables Plastic Products - Consumer

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SAFARI	1639.95	8,033 Cr	47.92	7.69	0.18	15.90	19.36	11.69
VIPIND	346.00	4,945 Cr	-20.81	10.66	0.00	-42.26	-11.21	-13.73
NILKAMAL	1300.00	1,931 Cr	17.93	1.28	1.55	6.93	8.92	4.26
WIMPLAST	352.25	423 Cr	7.05	0.76	2.84	10.98	14.57	10.25
BAIKAKAJI	188.90	395 Cr	16.20	2.29	0.00	26.53	20.04	0.00
AVROIND	138.10	184 Cr	51.34	2.93	0.00	0.00	0.00	—
PILITA	7.74	183 Cr	40.74	2.23	0.00	6.49	8.52	4.14
Median: 7 Co.	346.00	423 Cr	17.93	2.29	0.00	6.93	8.92	4.20

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	370	388	365	450	458	443	421	528	534	512
Expenses	307	320	299	384	410	392	360	449	460	457
Operating Profit	63	68	67	66	48	50	61	79	74	56
OPM %	17.15	17.56	18.29	14.64	10.46	11.38	14.45	15.02	13.88	10.86
Other Income	2.88	3.66	5.06	8.22	7.05	7.17	6.03	5.80	5.75	6.10
Interest	2.21	2.39	2.29	2.35	2.43	2.03	2.03	2.20	2.11	2.29
Depreciation	12	13	14	14	15	15	15	17	18	18
Profit Before Tax	52	57	56	58	38	41	49	65	60	42
Tax %	23.38	24.12	22.76	22.78	21.62	23.66	23.95	22.85	21.94	21.20
Net Profit	40	43	43	44	30	31	38	50	47	33
EPS in Rs	8.08	8.72	8.93	9.03	6.05	6.35	7.65	10.29	9.58	6.70

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	352	422	578	686	328	705	1,212	1,550	1,772	1,849
Expenses	319	377	525	614	334	650	1,015	1,273	1,547	1,611
Operating Profit	33	45	52	72	-5.96	55	197	278	225	238
OPM %	9.39	10.59	9.08	10.49	-1.82	7.83	16.24	17.90	12.70	12.89
Other Income	0.20	0.94	1.31	0.95	3.33	-1.30	9.46	14	28	26
Interest	3.71	2.89	4.47	10	5.79	4.92	7.97	9.50	8.84	8.69
Depreciation	5.13	6.18	8.31	22	20	20	33	52	59	62
Profit Before Tax	16	34	41	40	-29	29	165	230	186	194
Tax %	34.50	36.32	33.60	23.76	27.53	23.17	24.21	23.60	23.05	23.06
Net Profit	10	22	27	31	-21	22	125	176	143	149
EPS in Rs	—	—	—	6.25	-4.26	8.46	25.38	35.85	29.07	34.22
Dividend Payout %	40.82	4.98	4.11	0.00	0.00	8.39	13.35	10.89	10.29	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.15	4.15	4.45	4.47	4.47	4.48	4.48	4.74	9.75	—
Reserves	87	97	168	196	226	275	297	421	814	—
Borrowings	58	41	54	104	114	41	56	139	146	0.00
Other Liabilities	28	56	48	82	72	77	112	183	174	0.00
Total Liabilities	177	198	275	386	416	397	469	748	1,144	—
Fixed Assets	24	23	31	29	79	67	96	184	293	0.00
CWIP	0.30	1.09	0.16	0.00	0.23	0.07	20	0.00	1.04	0.00
Investments	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	149	0.00
Other Assets	152	174	243	357	336	330	353	564	701	0.00
Total Assets	177	198	275	386	416	397	469	748	1,144	—

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-13	24	-48	-38	71	111	16	51	217	57
Cash from Investing Activity	-15	-6.42	-13	-6.66	-21	-98	-3.66	-70	-345	-9.66
Cash from Financing Activity	29	-19	59	45	-50	-10	-14	20	164	-75
Net Cash Flow	1.00	-1.77	-1.65	-0.06	0.73	3.14	-2.12	0.73	36	-27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	47.23%	46.97%	46.88%	45.73%	45.73%	45.73%	45.42%	45.41%	45.41%	45.41%	44.91%	44.70%
FIIs	12.30%	12.95%	13.44%	13.06%	13.14%	12.69%	12.24%	12.26%	13.25%	13.05%	12.30%	12.32%
DIIs	17.00%	17.51%	16.76%	20.19%	20.52%	21.82%	22.89%	23.96%	23.71%	24.68%	26.11%	26.57%
Public	23.46%	22.58%	22.92%	21.02%	20.61%	19.76%	19.45%	18.37%	17.62%	16.86%	16.68%	16.41%
Total Shareholders	24,023	31,307	45,251	35,341	35,078	32,050	45,148	42,218	38,387	36,080	36,628	35,017

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Q4 FY25

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